Price action is choppy in the pair…Sellers take price below the 100 hour MA again.
The GBPUSD has moved below the 100 hour MA at 1.2500 level. The break is more bearish and the 1.2500 level might be an influence, but what might prompt some caution for traders is the pair has been trading more herky jerky around that MA. It still defines risk for traders. The bias is more negative. Watch for a move below the Friday close and the low for the day to help the sellers feel more comfortable. Friday the close was around 1.2483. The low for day was in the 1st hour our trading (5 PM ET open) at 1.2470.